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Hargreaves buys Maltby Colliery
Page 9
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HARGREAVES SERVICES the acquisitive Co Durham haulage and fuels group, has paid more than £30m for Maltby Colliery.
A Hargreaves spokesman explains that the purchase of the Yorkshire colliery from UK Coal means that not only can Hargreaves mine at Maltby,it can also transport coke to its customers.
"Hargreaves has a three-year contract to supply fuel to Drax [power station], which takes 60% of Maltby's output, while another 25% will be taken by our own coke company, Monckton," he adds. Hargreaves is negotiating contracts for the remaining 15%.
Despite the increasing breadth of business, the company says its transport division will "always be a major part of its family". Hargreaves is based at Esh Winning and runs 400 trucks in its own livery as well as 200 subcontractors.
It floated on the Alternative Investment Market in 2005 and boosted turnover by 134%.